Morning Call For Friday, April 13

Jun E-mini S&Ps (ESM18 +0.22%) this morning are up +0.30% and European stocks are up +0.50% at a 6-week high as fears of a trade war subside. President Trump hinted late yesterday the U.S. may rejoin the Trans-Pacific Partnership free-trade deal he pulled out of when he first took office and expressed optimism about a deal with China saying the two countries may ultimately end up not imposing tariffs on each other as they negotiate their differences. Strength in energy stocks is also giving a boost to the overall market as May WTI crude oil (CLK18-0.34%) climbed to a new 3-1/3 year high in overnight trade. Crude rallied after the IEA said less than 10% of the global surplus in oil inventories remain and OPEC is on the verge of “mission accomplished” in its quest to clear a global supply glut. Asian stocks settled mixed: Japan +0.55%, Hong Kong -0.07%, China -0.66%, Taiwan +0.09%, Australia +0.23%, Singapore +0.94%, South Korea +0.52%, India +0.27%. Chinese stocks moved lower after China Mar credit growth grew less than expected and after China’s Mar trade balance unexpectedly posted its biggest deficit in 13-months. A rally in Japanese exporter stocks led Japan’s Nikkei Stock Index higher after USD/JPY climbed to a 6-week high, which boosts the earnings prospects of exporters, and after President Trump expressed interest in rejoining the Trans-Pacific Partnership.

The dollar index (DXY00 +0.09%)is up +0.07%. EUR/USD (^EURUSD -0.07%) is down -0.10%. USD/JPY (^USDJPY+0.35%) is up +0.35% at a 6-week high as safe-haven demand for the yen abates on reduced trade war concerns.